About Bank Of Maharashtra

Bank of Maharashtra is one of the leading banks in the country which was set up at Pune in 1936. The bank was primarily set up when the need for a separate bank was felt. The bank was established to give the financial assistance to the people of Maharashtra and fund the projects to build the infrastructure of the state. With the times it has extended its branches to several parts of the country and now the bank is one of the well-known banks of India. The bank aims to capture the eye of the world and becomes the best name in the banking world. One of the vibrant city of Madhya Pradesh is Indore. The city is lively with many medium and small sector industry booming its presence. To fulfill the monetary aspect of the city, Bank of Maharashtra in Indore have set up many branches. The vision of the bank is to spread across the globe and serve every stratum of the society. The vision of the bank is to provide the best banking solutions to the people with the help of modern technology. The mission is to create the proactive and dedicated workforce to analyze and fulfill the financial options of the people from all walks of life.

Products Offered by the Bank in Indore

Bank of Maharashtra offers a wide range of products and services to its customer. There are several loan products like the home loan, personal loan, car loan, gold loan, etc that is helpful to the people as it provides the solution at the time of need. You can also invest your money in fixed deposit to earn good interest rate over your money and increase their money. So, Bank of Maharashtra is one of best banks to have the banking relationships in Indore.

Basic details about Bank of Maharashtra products

Product

Eligibility

Loan Amount

Interest Rate

Processing Fee

Tenure

Personal loan

The applicant should be at least 21 years of age at the time of application and the maximum age should be at least 60 years at the time of loan maturity.The minimum net annual income of the applicant should be ₹ 3,00,000 per annum.The minimum work experience should at least be 2 years. The applicant should have the minimum of 1year work experience with the current organization. 1 year relationship with the bank.

₹1.50 lakh

11.75% - 12.75%

1% of the loan amount + service tax (as applicable)

36 months

Home loan

The applicant should be at least 21 years of age at the time of application and the maximum age should be at least 60 years and 65 years for self- employed/ professional. The age limit at the time of loan maturity should be 75 years.The applicant should be salaried individual, self- employed and farmers holding at least 5 acres of land.The minimum work experience should at least be 2 years. The applicant should have the minimum of 1year work experience with the current organization and self- employed should have a regular source of income with latest ITR.

No maximum limit for metro citiesnot more than ₹15,00,000 for rural areas.Not more than ₹25,00,000 for semi- urban area.

8.75% - 8.85%

Nil

30 years

Education loan

The student should be the resident of India.Should have secured the admission through entrance exam/ merit based selection.The student should have the guarantor/ collateral.

For India:₹ 10 lakhFor abroad: ₹ 20 lakh

9.20% - 10.95%

Nil

Moratorium: course period + 1 year 0r 6 months after getting the job.Up to 10 years after moratorium for amount under ₹7.5 lakh and up to 15 years after moratorium for more than ₹ 7.5 lakh.

Car loan

The applicant should be at least 18 years of age at the time of application and the maximum age should be at least 60 years at the time of loan maturity.The minimum net annual income of the applicant should be ₹ 3,00,000 per annum.The applicant should be a government employee or defence personnel.

36 times of the net monthly salary.

8.90% - 9.40%

Nil

84 months

Vehicle loan

The applicant should be at least 18 years of age at the time of application and the maximum age should be at least 60 years at the time of loan maturity.The minimum net annual income of the applicant should be ₹ 3,00,000 per annum.The applicant should be salaried individual, self- employed and farmers holding at least 5 acres of land.The minimum work experience should at least be 2 years. The applicant should have the minimum of 1year work experience with the current organization and self- employed should have a regular source of income with latest ITR.

Up to 20 times of the net salary amount for the salaried individual.Up to 2 times of the total annual income for the self- employed.

9.70%

0.25% of the loan amount ( minimum ₹ 500)

60 months

Fixed deposit

Below mentioned individual or group are eligible for a fixed depositThe applicant should be the resident of India.Hindu undivided familySole proprietorship firmsPartnership firmlimited companiestrust accounts.

Bank decide from time to time on maturity pattern.

Nil

7 days to 10 years

Documents Required

The documents required for the different products in Bank of Maharashtra Indore are mentioned in the table below:

Documents required from the trust, association/ clubs for the fixed deposit are as followsPhotographs of the member operating the account.A Copy of the Trust Deed/ Bye- laws of the association.A Copy of registration certificate.A Copy of the resolution of trustee authorizing the member to operate and open the accounts.

Disclaimer: MMPL does not sell any loans on our own and do not charge any fee from any customers/viewers. We advise customers/viewers to choose from best offers from Banks and its advertisers. We do not guarantee any loans as loan sanction is as per Banks and Nbfcs. We suggest all users to never pay any upfront amount for any loan disbursal and if any person who call you as representative of MMPL and ask for any amount report the incident immediately via putting us a mail at [email protected]Read More